Territory Stories

Territory economic review

Details:

Title

Territory economic review

Creator

NT Treasury, Economic Analysis Division

Collection

Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals

Date

2003-03-01

Notes

Date:2003-03; Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

File type

application/pdf

Copyright owner

Northern Territorty Government

Parent handle

https://hdl.handle.net/10070/212458

Citation address

https://hdl.handle.net/10070/716367

Page content

MARCH 2003 5 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic New Motor Vehicle Sales In January 2003, Territory new motor vehicle sales fell by 8.7 per cent in original terms, but increased by 10.1 per cent in seasonally adjusted terms and by 2.2 per cent in trend terms. In the January quarter 2003, compared with the corresponding period in 2002, Territory sales fell by 1.1 per cent. Year on year sales increased by 2.4 per cent. Nationally, seasonally adjusted sales increased by 24.0 per cent, stronger than the market expectation of a 20 per cent rise. Territory motor vehicle sales trended back down in calendar year 2002 after picking up in 2001. Private sector registrations increased by 2.9 per cent in the year to January 2003, despite continued weakness in the rental market. Nonetheless, growth in private sector sales is from a weak base. New Motor Vehicle Sales (latest data January 2003) 50 55 60 65 70 75 80 85 90 1996 1997 1998 1999 2000 2001 2002 2003 500 550 600 650 700 750 800 850 900 '000 Australia Trend (LHS) Northern Territory Trend (RHS) Year ended June number Northern Territory Seasonally Adjusted (RHS) Source: NT Treasury, ABS data Petrol Prices January average unleaded petrol price data for Territory regions is not yet available. In Darwin, the Australian Automobile Association (AAA) reports that petrol prices fell by 2.4 cents per litre (cpl) to 91.8cpl in January, markedly out of step with movements in the other capital cities and crude oil prices. The other capital cities recorded increases of between 2.9cpl and 5.6cpl, with a weighted average increase of 4.1cpl. For the same period, Shell data reports that Darwin unleaded petrol prices increased by around 1.5cpl, while price increases in the other capital cities were in line with AAA data. Compared to January 2002, Darwin prices have increased 5.1 cents per litre (5.9 per cent) and the eight capital cities weighted average price has increased by 12.8 cents per litre (16 per cent). Unleaded Petrol and Crude Oil Prices (latest data January 2003) 0 5 10 15 20 25 30 35 40 1996 1997 1998 1999 2000 2001 2002 2003 0 20 40 60 80 100 120 Australian cents per litre Year ended June Brent crude price in Australian cents per litre (LHS) Eight capitals weighted average (RHS) Darwin (RHS) Australian cents per litre Source: AAA, Reserve Bank of Australia, Oilnergy, NT Treasury Yellow Pages Business Index Although surveyed before the recent Timor Sea Treaty ratification, the Yellow Pages Business Index reports a fall in Territory small and medium enterprises (SME) confidence levels in the February quarter 2003. This comes after modest increases, albeit from a weak base, in the four previous quarters. The net balance (that is, the difference between the per cent positive and per cent negative responses) for the actual experience of Territory SMEs fell for all business indicators in the quarter. The size of workforce, wages bill, sales value and profitability indicators were markedly lower in actual terms than earlier expectations, but actual prices, and to a lesser extent, capital expenditure, were higher than expectations. Nationally, actual experience was slightly lower than expectations. Business Confidence* (latest data February quarter 2003) 0 10 20 30 40 50 60 70 80 90 1996 1997 1998 1999 2000 2001 2002 2003 0 10 20 30 40 50 60 70 80 90 net balance net balance Northern Territory Australia Year ended June * net balance Source: NT Treasury, Sensis


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